{"id":1375,"date":"2019-02-07T18:35:31","date_gmt":"2019-02-07T13:05:31","guid":{"rendered":"https:\/\/blockchainappfactory.com\/blog\/?p=1375"},"modified":"2019-04-13T16:53:51","modified_gmt":"2019-04-13T11:23:51","slug":"blockchain-vs-cryptocurrency","status":"publish","type":"post","link":"https:\/\/www.blockchainappfactory.com\/blog\/blockchain-vs-cryptocurrency\/","title":{"rendered":"Blockchain Vs Cryptocurrency! The who\u2019s who of New age Tech"},"content":{"rendered":"

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Blockchain\u00a0<\/strong><\/p>\n

Satoshi Nakamoto, no matter how hackneyed this name is in the cryptoverse, the person\/group is synonymous with the concept of cryptocurrency and Bitcoin. Last year marked the beginning of the inner workings of Blockchain Technology<\/strong><\/a>, expanding blockchain verticals to greater heights. As we step into 2019 Blockchain doesn\u2019t seem to be showing any signs, instead the technology is going places, quite literally. The usage of Blockchain in different industries has been the significant factor that has led to the differentiation.<\/p>\n

There are Three types of Blockchain:<\/strong><\/p>\n

Private:<\/strong> Controlled by a few people, has trusted members.<\/p>\n

Permissioned:<\/strong> A native token is used and individuals can work their way in the system. Eg. Quorum & Hyperledger<\/p>\n

Public:<\/strong> Open source, open for participation for all. Eg. Ethereum & EOS<\/p>\n

When Bitcoin worked as the only blockchain, there wasn\u2019t a considerable difference between both the terms and they were widely used, interchangeably. As technology grew, blockchain evolved making immutability its core strength.<\/p>\n

Technology enthusiasts explored a range of operations right from decentralized registry to peer-to-peer name delivery of messages without an interception. These aspects weren\u2019t possible through cryptocurrencies, as they gained the shape of assets rather than a platform like Blockchain. This forms the most significant difference between the two.<\/p>\n

Here\u2019s a look at the industries which are being disrupted by Blockchain;<\/p>\n

Banking<\/strong><\/span>
\nFaster and better way to protect the transfer of funds. Blockchain is a secure way to store banking records, and a faster, cheaper way of transferring money through the decentralization provided by blockchain<\/p>\n

Healthcare<\/strong>
\nEasing the process of complete healthcare for patients by a shared ledger. Core decentralization aspect of blockchain. Data security is one of the major aspects that\u2019s necessary for the safekeeping of medical records<\/p>\n

Real-Estate<\/strong>
\nSmart contracts can help solve the financial hiccups brought by Middlemen. Buying a house with almost zero paperwork will commence soon.<\/p>\n

Legal Setup<\/strong>
\n\u201cDigital Inheritance\u201d may become a problem, as modern problems require modern solution, Blockchain\u2019s immutability factor can solve this with ease.<\/p>\n

Taxi Industry<\/strong>
\nA middle-man free world is what blockchain promises, due to its complete decentralization.<\/p>\n

Education<\/strong>
\nStudent transcript forgery is on the rise, the one way for job providers to be sure is to check the authenticity of the students\u2019 transcripts through Blockchain.<\/p>\n

Charities<\/strong>
\nAgain, smart contract will help in this sector, there won\u2019t be any fraudulent means to mistreat the money that\u2019s donated.<\/p>\n

Cryptocurrency<\/strong>
\nCryptocurrency is essentially a virtual currency formed through cryptography, \u201cthe art of solving or writing codes.\u201d Although, in various values attached to these coins or tokens they serve different purposes on these networks. As opposed to blockchain, cryptocurrency uses tokens based on the distributed ledger function. Cryptocurrency is not an upgrade of Blockchain, as is perceived by many. It is more like a tool or a solid resource in the blockchain.<\/p>\n

Famous Cryptocurrencies<\/strong><\/p>\n